All Forum Posts by: Michael D.

Hi All,

I purchased my first house-hack just under a year ago and am approaching the completion of my renovations. I'm now looking to get some insight as to when I should refinance, as well as how I should approach this. I'm about 95% complete, as I still have to install my flooring in the finished basement as well as the drop ceiling. I'm looking to see when I should get in contact with a lender to have them come out and see what equity I have obtained for an assessment. Should I wait until I'm 100% complete? Not looking to get ahead of myself, here, just want to make sure that this isn't something I can do while I'm finishing up work. I also wanted some insight as to what the recommended refinancing path would be, I guess this would be a home equity loan vs cash out. Thoughts?

Thanks!

Mike D'Aries

 Chris, I had the same issue. When I first started looking I was set on purchasing a Multi-Family in Montclair, NJ. After a few offers, I found that properties were going far above asking. I ended up purchasing a single family to house hack in Morris County, NJ. I found that there was a bit les competition in the single family market. I hope to pick up a Multi-Family for my next one.

Thanks, Darren. I really appreciate the advice.

Is anyone familiar with the NJ laws surrounding breaking a tenants lease at the time of purchase on a multi family for owner-occupied purposes? I understand that FHA loans require you to move in within sixty days, but what would a buyer do if all tenants had leases greater than that time period?

Hi Alan,

I'm not sure what the going rate is, but you can try Anthony Verni in Parsipanny, NJ. He's a good guy, let him know you spoke with me. 

Hi All,

I thought this category would be an appropriate place to submit this post.

So I was working my 9-5 today and one of my co-workers mentioned that he and his wife considered purchasing a 2 family property in PA to work toward generating some extra income. This sparked a conversation in the office about how owning a rental property is an excessive burden and there is no money to be made in real estate. I didnt provide much input as I dont think it would be best in my current situation to let the staff know that i'm a regular on BP and looking to escape the "Cubicle Life". Has anyone else seen a similar situation? If so, how did you go about it?

Thanks!

HI Stephen,

I'm a new investor in northern NJ and just recently backed out of a deal because the taxes were 12k /year and I thought I'd be cutting it a bit close if I saw 100% vacancy on a duplex. It's to be considered that in NJ with higher taxes comes higher rents. Essex County is known for its high taxes and if this is your concern you may want to consider looking in Morris county where the taxes tend to be a bit lower. This being said, Essex County does have a lot of great areas with a lot of potential and I surely wouldn't rule it out based on taxes. I wish you the best of luck and know of a great realtor if you're looking to get started. Please feel free to PM me if you'd like more detail.

Best of luck,

Mike

Hi Fabian,

I'm pretty sure that the bank periodically checks where your mail is being delivered to. At one point I began researching the route and I quickly found that this is a serious offense, and wasn't something I wanted to risk. I'd strongly advise against this.

Best of luck!

You may want to reach out to @Darren Sager, he's an expert in this area and can surely provide you with the input you're looking for.

Its unfortunate because there are actually quite a few homes for sale currently on Mission Street. Maybe it will take a few investors in a joint effort to buy them all up and clean that neighborhood up a bit.